Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The statement by three Finance Ministers from Germany, Netherlands and Finland on 25 September addresses issues already decided upon by eurozone leaders when they met in Brussels on 29 June. The Heads of State or Government made two important decisions at that time. The first was to "affirm that it is imperative to break the vicious circle between banks and sovereigns". The second was: "The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme. Similar cases will be treated equally." That commitment to equal treatment is very important.

Ireland continues to be fully engaged in the process within the euro group and among Heads of State or Government on how these commitments will be implemented. Apart from the various technical meetings with troika members, we are pursuing a diplomatic offensive which has included officials from my Department travelling recently to several capitals. My visits to Paris, Berlin, Rome and on to the informal ECOFIN in Cyprus and the Taoiseach's meeting with several colleagues at the level of Heads of Government are part of this process. All our interlocutors agreed that the imperative is to move ahead urgently to implement all of the important decisions taken on 29 June.

As we advance our ideas, other member states will also put forward their proposals. It is to be expected in such a dialogue that there may be some differences of interpretation but these must be within the context of the overarching principles agreed on 29 June. Ireland's position is clear on this, and work is continuing in line with the 29 June summit agreement to break the link between banks and sovereign and the principle that similar cases will be treated equally. We have followed up on that basis as a matter of urgency following the latest developments. Our ambassadors in the relevant capitals have undertaken high-level contacts with a view to underlining the importance we attach to following through on the commitments of the Heads of State or Government on 29 June.

On the funding of the IBRC and the promissory note issue, contacts are continuing with the troika as part of a process to find a long-term solution to that situation in order to enhance Ireland's debt sustainability in the best possible manner achievable while seeking to pay back our debts.

While I am fully aware of the content of the IMF country report, in terms of the deal being sought, the Deputy will appreciate that this is an active process of dialogue. However, I assure the House there will be no lack of ambition in our approach and that our goal in all our discussions with the troika and with our partners in Europe is to get the best possible outcome for the future.

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